AIG, Cameron, Rent-A-Center, Sonic, Tellabs: U.S. Equity Movers
Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 4 p.m. in New York.
Avery Dennison Corp. (AVY) jumped 5.3 percent, the most since Sept. 14, to $41.39. The world’s largest label maker posted earnings excluding some items of 61 cents a share in the first quarter, exceeding the average analyst estimate by 31 percent, according to Bloomberg data. Bank of America Corp. upgraded the stock to “buy” from “neutral.”
American International Group Inc. (AIG) fell 16 percent, the most since Sept. 1, to $37.37. The insurance company that was rescued from collapse by the U.S. government was downgraded to “underperform” from “market perform” at Keefe, Bruyette & Woods by equity analyst Clifford Gallant.
Cameron International Corp. (CAM) fell 7.5 percent, the most in a year, to $43.59. Shares of the second-largest U.S. maker of oilfield equipment was cut to “neutral” from “buy” at Pritchard Capital Partners.
Cavium Networks Inc. (CAVM) rose 6.2 percent to $29.02, the highest price since October 2007. The chipmaker was raised to “outperform” from “neutral” at Cowen & Co. by equity analyst Raj Seth.
Cirrus Logic Inc. (CRUS) climbed 16 percent to $12.08, the highest price since May 2002. The graphics chipmaker forecast first-quarter sales of at least $78 million, topping the average analyst estimate of $64.9 million.
Cummins Inc. (CMI) gained 3 percent to $72.40, the highest price since August 2008. The maker of diesel truck engines and generators reported first-quarter profit that topped analysts’ estimates and raised its 2010 sales forecast as demand increased in Asia and Latin America.
DSW Inc. (DSW) rose 16 percent, the most since June 2005, to $32.23. The footwear retailer raised its 2011 earnings forecast to as much as $1.75 a share from no more than $1.45 a share.
Emulex Corp. (ELX) declined 9 percent, the most since June 30, to $12.43. The chipmaker forecast fourth-quarter sales of $103 million at most, trailing the average analyst estimate of $107 million in a Bloomberg survey.
Estee Lauder Cos. (EL) declined 4.2 percent, the most since Aug. 14, to $67.06. The maker of Clinique and Bobbi Brown cosmetics reported third-quarter sales of $1.86 billion, missing the $1.88 billion average estimate from analysts in a Bloomberg survey. The company also announced a cash tender offer for up to $200 million of its notes.
FormFactor Inc. (FORM) slid 17 percent, the most since October 2007, to $16. The maker of equipment that tests whether computer chips are functioning properly said second-quarter costs of goods sold may be higher than planned after reporting a first-quarter loss that was greater than the average analyst estimate.
Insituform Technologies Inc. (INSU US) dropped 11 percent, the most since October 2008, to $23.35. The sewer pipeline contractor was cut to “neutral” at Janney Montgomery Scott LLC. The company posted quarterly earnings per share late yesterday that missed the average analyst estimate.
Masco Corp. (MAS) slid 13 percent, the most since April 2009, to $15.62. The insulation installer’s valuation is “overdone,” UBS AG said in a note to clients. The stock had jumped 30 percent this year.
NBTY Inc. (NTY US) had the second-biggest loss in the Russell 1000 Index, slumping 21 percent to $37.24. The maker of nutritional supplements reported profit of 73 cents a share in the fiscal second quarter, missing the average analyst estimate by 22 percent.
Office Depot Inc. (ODP) fell the most in the Standard & Poor’s 500 Index, dropping 21 percent to $7.06. The second-largest U.S. office-supplies retailer posted first-quarter profit excluding some items of 7 cents a share, trailing the average analyst estimate by 14 percent, according to Bloomberg data.
Pharmaceutical Product Development Inc. (PPDI US) advanced 8.2 percent, the most since November 2008, to $27.64. The consulting company for drugmakers was raised to “neutral” from “sell” at Goldman Sachs Group Inc.
Plum Creek Timber Co. (PCL) fell 8 percent, the most since July 28, to $40.06. The forest-products company forecast second-quarter profit that missed analysts’ estimates and was downgraded to “sell” from “neutral” by UBS AG.
PLX Technology Inc. (PLXT) dropped 11 percent, the most since March 2009, to $5.66. The chipmaker said in a conference call that its capacity will continue to be constrained in the second quarter.
Rent-A-Center Inc. (RCII) advanced 9.1 percent to $28.05, the highest price since May 2007. The biggest U.S. rent-to-own retailer of consumer electronics and appliances raised its annual profit forecast and projected second-quarter earnings would be greater than the average analyst estimate.
SolarWinds Inc. (SWI) fell 16 percent, the most since it went public in May, to $20.12. The maker of network-management software reiterated its full-year forecast after first-quarter profit was in line with the average analyst estimate.
Sonic Automotive Inc. (SAH) dropped 16 percent, the most since Oct. 27, to $11. The third-largest U.S. auto retailer posted first-quarter earnings per share that missed the average analyst estimate.
Tellabs Inc. (LLAB) had the third-biggest gain in the S&P 500, advancing 5 percent to $8.63. The supplier of network technology forecast that second-quarter sales will climb to at least $417.7 million, beating the $386.5 million average of estimates compiled by Bloomberg.
3M Co. (MMM) rose 0.6 percent to $87.97 for the biggest advance in the Dow Jones Industrial Average. The maker of 55,000 products from Post-It Notes to respiratory masks reported first-quarter earnings of $1.40, excluding an 11 cent Medicare charge, topping the $1.21 average estimate from 12 analysts in a Bloomberg survey.
Unisys Corp. (UIS) fell 20 percent to $30.81, the most since April last year. The Pennsylvania producer of mainframes and computer services reported a first-quarter loss of 27 cents a share. Analysts, on average, estimated the company would have a loss of 4 cents a share.
Western Union Co. (WU) rose 6.1 percent, the most since May 18, to $19. The world’s biggest money-transfer business posted a first-quarter revenue increase of 2.6 percent and announced profit that met analysts’ estimates.
Zoran Corp. (ZRAN US) declined 9.5 percent to $9.98, the lowest price since Dec. 3. The maker of software and chips for digital audio and video products forecast a loss, excluding some items, of as much as 9 cents a share in the second quarter. Analysts, on average, estimated the company will earn 11 cents, according to a Bloomberg survey.
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